Family Development Accounts (FDAs)
The FDA Program enables low-income families to establish savings accounts that will be used to buy a home, pay for education, or start or expand a small business. Participating families establish a savings account to be used toward their identified goal. These savings will be matched when withdrawn to purchase an approved asset.
Use: Families who are eligible for TANF or the Earned Income Tax Credit usually qualify to open a FDA. Annual household income must also be at or below $20,420 for one person, $27,380 for two people and $34,340 for three people (for larger households please check with the FDA staff person for the income guideline). There are some additional eligibility requirements.
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Maine Centers for Women, Work, and Community
UMA, 46 University Drive/Campus Center
Augusta , ME 04330-9410
207-621-3432
207-621-3429
[email protected]
www.womenworkandcommunity.org

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